Financial Services and Markets Bill -
Amendments to be debated in the House of Lords
- continued
House of Lords

back to previous amendments
 
  
Schedule 6
 
  
BY THE LORD McINTOSH OF HARINGEY
 
138     Page 237, line 25, leave out from beginning to ("the") in line 26 and insert--
 
    ("(2)  In reaching that opinion, the Authority may--
    (a)  take into account the person's membership of a group and any effect which that membership may have; and
    (b)  have regard to--
          (i)")  
 
139     Page 237, line 26, after ("makes") insert ("and, if he is a member of a group, which other members of the group make") 
140     Page 237, line 28, after ("manages") insert ("and, if he is a member of a group, which other members of the group manage") 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
141     Page 238, line 4, leave out ("an additional permission") and insert ("permission under Part IV") 
142     Page 238, line 6, leave out ("additional") and insert ("a Part IV") 
  
BY THE LORD McINTOSH OF HARINGEY
 
143     Page 238, line 15, at end insert--
 
    ("(3)  Specified" means specified in, or in accordance with, an order made by the Treasury.
 
    . The Treasury may by order--
    (a)  vary or remove any of the conditions set out in Parts I and II;
    (b)  add to those conditions.")
 
  
Clause 40
 
  
BY THE LORD McINTOSH OF HARINGEY
 
144     Page 17, line 25, at end insert--
 
    ("(  )  If the applicant--
    (a)  is a person to whom, in relation to a particular regulated activity, the general prohibition does not apply as a result of Part XIX, but
    (b)  has applied for permission in relation to another regulated activity,
the application is to be treated as relating only to that other regulated activity.")
 
  
Clause 41
 
  
BY THE LORD McINTOSH OF HARINGEY
 
145     Page 17, line 43, at end insert--
 
    ("(  )  A requirement may be imposed by reference to the person's relationship with--
    (a)  his group; or
    (b)  other members of his group.")
 
  
Clause 42
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
146     Page 18, line 25, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
Clause 43
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
147     Page 19, line 7, leave out ("it is no longer necessary to keep") and insert ("there is no good reason for keeping") 
  
Clause 45
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
148     Page 19, line 27, leave out ("at the request") and insert ("on the application") 
149     Page 20, line 1, leave out ("does not consider") and insert ("considers") 
150     Page 20, line 2, after ("is") insert ("not") 
  
Clause 46
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
151     Page 20, line 45, after ("A") insert ("or contravene any other obligation or duty the institution may owe A") 
152     Page 21, line 4, after ("instruction") insert ("without reasonable excuse") 
153     Page 21, line 15, leave out ("the liquidator") and insert ("a liquidator of A") 
154     Page 21, line 18, leave out ("A") and insert ("the Authority") 
  
Clause 49
 
  
BY THE LORD McINTOSH OF HARINGEY
 
155     Page 22, line 28, after ("may") insert ("reasonably") 
156     Page 22, line 30, leave out ("further information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 52
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
157     Page 23, line 33, at end insert--
 
    ("(  )  The Authority must allow the authorised person access to the evidence which it has in relation to the matters causing it to propose to exercise the power.
 
    (  )  The Authority's procedures in relation to the giving of warning notices as determined pursuant to section 375 shall apply in relation to the giving of the notice referred to in subsection (3) as if it was a warning notice.
 
    (  )  The Authority's procedures in relation to the giving of decision notices as determined pursuant to section 376 shall apply in relation to the giving of the notice referred to in subsection (4) as if it was a decision notice.")
 
  
Clause 53
 
  
BY THE LORD KINGSLAND
THE LORD SAATCHI
 
158     Page 24, line 13, at end insert--
 
    ("(  )  The Authority must allow the authorised person access to the evidence which it has in relation to the matters causing it to propose to exercise the power.
 
    (  )  The Authority's procedures in relation to the giving of warning notices as determined pursuant to section 375 (other than subsection (3)) shall apply in relation to the giving of the notice referred to in subsection (3) as if it was a warning notice.
 
    (  )  The Authority's procedures in relation to the giving of decision notices as determined pursuant to section 376 shall apply in relation to the giving of the notice referred to in subsection (4) as if it was a decision notice.")
 
  
Clause 55
 
  
BY THE LORD McINTOSH OF HARINGEY
 
159     Page 24, line 24, leave out ("or an exempt person") 
160     Page 24, line 31, leave out ("or exempt persons") 
161     Page 24, line 32, leave out ("or exempt person") 
162     Page 24, line 36, leave out ("or exempt") 
163     Page 24, line 41, at end insert--
 
    ("(  )  This section applies to the performance of functions in relation to a regulated activity carried on by--
    (  )  a person who is an exempt person in relation to that activity, and
    (  )  a person to whom, as a result of Part XX, the general prohibition does not apply in relation to that activity,
as it applies to the performance of functions in relation to a regulated activity carried on by an authorised person.")
 
  
Clause 58
 
  
BY THE LORD McINTOSH OF HARINGEY
 
164     Page 25, line 24, after ("must") insert ("take reasonable care to") 
  
BY THE LORD SAATCHI
THE LORD KINGSLAND
 
164A     Page 25, line 24, after ("must") insert ("seek to") 
164B     Page 26, line 5, leave out ("dealing with") and insert ("handling") 
  
Clause 59
 
  
BY THE LORD McINTOSH OF HARINGEY
 
165     Page 26, line 33, leave out ("further information") and insert ("such further information as it reasonably considers necessary to enable it to determine the application") 
  
Clause 60
 
  
BY THE LORD EATWELL
 
166     Page 27, line 6, at end insert ("or
    (  )  demonstrates a commitment to engage in continuing professional education and development,")
 
  
After Clause 70
 
  
BY THE BARONESS TURNER OF CAMDEN
 
167     Insert the following new Clause-- 
     ("  . The Authority may--
    (a)  require all authorised persons carrying on a regulated activity of a specified kind to review their conduct of the activity in relation to a specified category of consumers and report the results to the Authority; and
    (b)  if satisfied as a result of the review that an authorised person has contravened any requirement made by the Authority under this Act, order him to pay compensation to consumers who have suffered loss as a result of such a contravention.")
Review of conduct in regulated activities.
  
Clause 72
 
  
BY THE LORD McINTOSH OF HARINGEY
 
168     Page 33, line 5, leave out ("Stock Exchange") and insert ("Authority") 
169     Page 33, line 6, at end insert--
 
    ("(  )  Schedule 6A modifies this Act in its application to the Authority when it acts as the competent authority.")
 
170     Page 33, line 10, leave out subsections (3) to (8) 
  
After Clause 72
 
  
BY THE LORD McINTOSH OF HARINGEY
 
171     Insert the following new Clause-- 
     (".--(1) In discharging its general functions the competent authority must have regard to--
    (a)  the need to use its resources in the most efficient and economic way;
    (b)  the principle that a burden or restriction which is imposed on a person should be proportionate to the benefits, considered in general terms, which are expected to arise from the imposition of that burden or restriction;
    (c)  the desirability of facilitating innovation in respect of listed securities;
    (d)  the international character of capital markets and the desirability of maintaining the competitive position of the United Kingdom;
    (e)  the need to minimise the adverse effects on competition of anything done in the discharge of those functions;
    (f)  the desirability of facilitating competition in relation to listed securities.
    (2)  The competent authority's general functions are--
    (a)  its function of making rules under this Part (considered as a whole);
    (b)  its functions in relation to the giving of general guidance in relation to this Part (considered as a whole);
    (c)  its function of determining the general policy and principles by reference to which it performs particular functions under this Part.")
General duty of the competent authority.
  
Before Schedule 7
 
  
BY THE LORD McINTOSH OF HARINGEY
 
172     Insert the following new Schedule-- 
 ("SCHEDULE 6A 
 THE AUTHORITY AS COMPETENT AUTHORITY FOR PART VI 
 General 
     1. This Act applies in relation to the Authority when it is exercising functions under Part VI as the competent authority subject to the following modifications. 
 The Authority's general functions 
     2. In section 2--
    (a)  subsection (4)(a) does not apply to listing rules;
    (b)  subsection (4)(c) does not apply to general guidance given in relation to Part VI; and
    (c)  subsection (4)(d) does not apply to functions under Part VI.
 
 Duty to consult 
     3. Section 7 does not apply. 
 Rules 
     4.--(1) Sections 140, 144, 145 and 147 do not apply.
 
    (2)  Section 146 has effect as if--
    (a)  the reference in subsection (2)(c) to the general duties of the Authority under section 2 were a reference to its duty under section (General duty of the competent authority); and
    (b)  section 95 were included in the provisions referred to in subsection (9).
 
 Statements of policy 
     5.--(1) Paragraph 5 of Schedule 1 has effect as if the requirement to act through the Authority's governing body applied also to the exercise of its functions of publishing statements under section 89.
 
    (2)  Paragraph 1 of Schedule 1 has effect as if section 89 were included in the provisions referred to in sub-paragraph (2)(d).
 
 Penalties 
     6. Paragraph 16 of Schedule 1 does not apply in relation to penalties under Part VI (for which separate provision is made by section (Penalties)). 
 Fees 
     7. Paragraph 17 of Schedule 1 does not apply in relation to fees payable under Part VI (for which separate provision is made by section 95). 
 Exemption from liability in damages 
     8. Schedule 1 has effect as if paragraph 19 were omitted (similar provision being made in relation to the competent authority by section 97).") 
 
back to previous page continue to next page
 
House of Lords home page Parliament home page House of Commons home page search page enquiries

© Parliamentary copyright 2000
Prepared 17 March 2000